For global banks and fund managers drawing up their 2022 China investment strategies, one factor occupies their minds but eludes valuation models: President Xi Jinping's next five years in office.
Having done away with term limits in 2018, China's most powerful leader since Mao Zedong is steering the country back toward its socialist roots, upending financial markets.
Crackdowns on internet giants, property developers and education have MSCI's China index down 20% in 2021 against a 15% rise in world stocks, while China's once-popular high-yield debt market has crumbled.